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I am seller financing a home and have a "law drpot" deed…

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I am seller financing...

I am seller financing a home and have a "law drpot" deed contract form. unsder the caluse 7- "Insurance", itstates that the purchaser is u8nderstande that the personal property of the purchaser is uinsured by the seller for both damages and loss, and the ssellor assumes responsibility for any asuych damage or loss. any prfemiums paid by the sellor for the purchasers contencrt insurance are payable to the sellor by the [purchasrer within 30 days of thesellort gfurmoidhoinmh receipts evidencing such insuranve to the purchaser.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

MT

Lawyer's Assistant: Has any paperwork been filed?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I am seller financing a home and have a "law depot" deed contract form. under the clause # 7- "Insurance", it states that the purchaser is understands that the personal property of the purchaser is insured by the seller for both damages and loss, and the seller assumes responsibility for any such damage or loss. Any premiums paid by the sellor for the purchasers contents insurance are payable to the sellor by the purchaser within 30 days of the sellor furishing receipts evidencing such insurance to the purchaser. I don't understand what that means. it sounds like they want me (the seller) to pay for all of the home insurance while they are making payments on the house to me. This doesn't sound right.

Submitted: 7 months ago.Category: Real Estate Law
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Answered in 2 hours by:
12/1/2017
Real Estate Lawyer: Asad Rahman, Lawyer replied 7 months ago
Asad Rahman
Asad Rahman, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,525
Experience: Practicing Attorney with 10 years experience
Verified

Just that you will obtain insurance on behalf of the tenant but they reimburse you the cost of that insurance. That's how i read that.

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